Roundup: Commentator Tells Borrowers How to Improve Credit Scores
Personal finance author Suze Orman has hit the bookstands on how to improve credit and correct credit bureau errors in simple ways that will eventually help save thousands of dollars in future interest rates through simple and innovative tools.
The "FICO Kit" is in fact kind of a joint venture between Ms. Orman and myFICO.com - a division of Fair, Isaac & Co., which also specializes in personal credit management.
The step-by-step kit guides users through a personalized process of credit evaluation, management and correction if necessary.
Available on CD-ROM or through the Internet, it provides three unique tools.
The software-assisted "Credit Report Review" is an interactive credit report review that automatically identifies potential errors, helps users analyze the results and dispute the error using a customized letter to the credit bureaus.
For the first time in the credit service marketplace it offers the option to generate three FICO score reports that serve the household rather than the individual, meaning users can purchase a credit report for themselves or for up to three other people he/she is related to such as spouse, family member or friend.
Lastly, the "Personalized Action Plan" allows users to receive action plans personalized by Ms. Orman in the areas of getting out of credit card debt, buying a home and buying a car. These interactive plans combine personal user information with current interest rates and timely data.
Ms. Orman stated in a recent release that "FICO credit scores are one of the most important things customers need to know about their financial health. The kit shows people exactly how important the FICO credit score is for bringing wealth into their homes."
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